Asian shares, U.S. dollar climb on rosy data, tech optimism
TOKYO: Asian shares continued a rally from Wall Street and the dollar held gains on Wednesday on promising economic signs in the United States and speculation of strong tech earnings.
Markets welcomed what appeared to be easing trade frictions between the U.S. and Europe while global bond markets settled down after a scary surge in long-term yields. U.S. consumer confidence surprised on the upside ahead of closely watched jobs figures on Thursday.
Nvidia jumped more than 4% yesterday and will be the last of the Magnificent 7 tech giants to report earnings after markets close in the U.S.
"There is renewed confidence that Nvidia can beat the consensus estimates," said Chris Weston, head of research at Pepperstone.
If Nvidia comes through with better-than-expected sales and profit margins "the rally is on," he added.
The chipmaker is expected to report that first-quarter revenue surged 66.2% to $43.28 billion, according to data compiled by LSEG.
In signs of a thaw between the U.S. and Europe, European Union officials have asked companies for details of their U.S. investment plans, according to two sources familiar with the matter.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3% in morning trading while Japan's Nikkei advanced 0.6%, climbing a fourth straight session.
The dollar index, which tracks the greenback against a basket of currencies, rose 0.1%, adding to Tuesday's 0.6% rally. The greenback advanced 0.1% to $1.132 against the euro .
Australian shares were up 0.17%, but the nation's currency slid 0.2% after April consumer price data came in above expectations. The kiwi dollar slid 0.3% after the Reserve Bank of New Zealand cut rates as expected.
Japanese bonds slid, trimming a surge yesterday, ahead of a 40-year auction and on speculation the Ministry of Finance will reduce the issuance of long-dated securities.
Oil prices ticked up in early trading as the U.S. barred Chevron CVX.N from exporting crude from Venezuela under a new authorization on its assets there, raising the prospect of tighter supply.
Brent crude futures rose 0.4% to $64.37 a barrel, while U.S. Spot gold rallied 0.1% after dropping more than 1% on Tuesday.
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Any actions taken based on this content are at your sole discretion and risk—Octa does not accept any liability for any resulting losses or consequences. Hashtag: #Octa The issuer is solely responsible for the content of this announcement. Octa Octa is an international CFD broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools. The company is involved in a comprehensive network of charitable and humanitarian initiatives, including improving educational infrastructure and funding short-notice relief projects to support local communities. In Southeast Asia, Octa received the 'Best Trading Platform Malaysia 2024' and the 'Most Reliable Broker Asia 2023' awards from Brands and Business Magazine and International Global Forex Awards, respectively. Octa
